REVIEW OF BANK OF ENGLAND PERFORMANCE

That this House welcomes the recent announcement of a triple review into the Bank of England's handling of the 2008 banking crisis; notes that these reviews will encompass the Bank's general policy about providing liquidity to the financial system and the forecasting capabilities of the Monetary Policy Committee, which has repeatedly failed to predict inflation accurately; further notes that the Governor of the Bank of England, Sir Mervyn King, who retires next year, has shown little enthusiasm for these reviews, none of which will cover the crisis at Northern Rock in September 2007 which triggered the first bank run in Britain since 1866; further welcomes the recent admissions by the Governor that he and his colleagues failed to give adequate warnings and were `late to the game' in tackling the banking collapse; and calls on the Government to launch its own inquiry to ascertain what lessons the Bank of England has learnt from the crisis and how it will change its own internal decision-making process and culture before it gets new regulatory powers in 2013.